May 23, 2008
By: Staff writer, Somerville Journal

BOSTON- The MBTA has a $75 million deficit in its fiscal 2009 budget, refinancing debt and is drawing down its reserve funds.

"The T's finances are not sustainable unless the legislature intervenes," said Rep. Carl Sciortino (D-Medford), a member of the Transportation Committee[.....]

"All this tells me we're headed for service cuts or a fare increase," said Lee Matsueda of the T Riders' Union in a written statement. "This is bad timing. More riders are using public transit because of the economy and the cost of gas. But with no money left in the MBTA's rainy day fund and a $8 billion crippling debt load, it's inevitable."

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